股票频道更多独家策划、专家专栏，免费查阅>> 12月29日，A股市场整体成交额再度超过2万亿元。其中，中际旭创、寒武纪-U、中国卫星、阳光电 源、工业富联、紫金矿业、航天电子、胜宏科技、新易盛、航天发展等10只A股成交额超过100亿元。 | 代码 | 股票名称 | 核心热门概念板块 | 成交额 （亿元） | 涨跌幅 | 换手率 | | --- | --- | --- | --- | --- | --- | | 300308.SZ | 中际旭创 | CPO/光模块、AI算力 | 149.61 | -1.44% | 2.18% | | 688256.SH | 寒武纪-U | AI芯片、算力硬件 | 134.14 | 4.19% | 2.35% | | 600118.SH | 中国卫星 | 商业航天、低轨卫星互联 | 133.56 | 10% | 13.44% | | | | 网 | | | | | 300274.SZ | 阳光电源 | 光伏逆变器、储能系统集 | 124.20 | -2.96% | 4.40% | | | | 成 | | | | | 601138.SH | 工业富联 | AI服务器、英伟达概念 | ...

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Core Insights - The report highlights the acceleration of the "1+6" reform measures for the Sci-Tech Innovation Board, which provides predictable capital support for future industries such as commercial aerospace, facilitating the scaling development of hard technology companies [1][2]. Policy Changes - The new guidelines from the Shanghai Stock Exchange focus on the "hard technology" attributes of commercial rocket enterprises, emphasizing the need for significant technological advantages and breakthroughs in core technologies [2]. - A milestone requirement is set for companies to achieve the successful launch of a medium to large reusable rocket payload into orbit at the time of application, reflecting a balance between technical authenticity and operational capability [2]. - The guidelines do not prioritize short-term revenue or profit but instead emphasize a clear market target and competitive advantages in the commercial rocket business [2]. Market Impact - The policy is expected to have a long-term structural impact on the A-share market, confirming the industrial logic of the commercial aerospace sector and potentially enhancing the valuation and risk appetite for hard technology assets on the Sci-Tech Innovation Board [2]. - Short-term market sentiment may focus on components related to rocket structures, engine materials, and aerospace electronics, while long-term beneficiaries are likely to be companies with stable supply relationships and integration into the model system of commercial rocket manufacturers [2]. Strategic Direction - The introduction of these guidelines reflects a proactive approach by the capital market to support national strategies and the cultivation of new productive forces, embedding capital market capabilities into the critical growth phase of the commercial rocket industry [2].

Core Viewpoint - The article discusses the launch of the Commercial Aerospace Industry Alliance Fund at the Third China Commercial Aerospace Development Conference, highlighting the growth and investment opportunities in the commercial aerospace sector in China [4]. Group 1: Fund and Investment - The fund has an initial issuance scale of 1 to 2 billion, with a long-term goal of expanding to 10 billion, and a duration of 10 years, aiming for approximately 70% project exit [4]. - Investment directions focus on four key areas: low Earth orbit satellite constellations and satellite internet, reusable launch vehicles and rocket launch services, new materials and devices for commercial aerospace, and space resource development and emerging space services [4]. Group 2: Launch Statistics and Projections - As of November, the global average monthly launches exceed 26, indicating a shift to a "weekly launch era," with an expected total of over 320 launches for the year, setting a historical record [4]. - Currently, there have been 325 space launches globally, with 4,026 spacecraft in orbit, including 87 launches from China (84 successful), and 23 missions executed by private commercial rocket companies, placing 324 spacecraft into orbit [4]. Group 3: Future Missions and Technological Developments - The China Manned Space Engineering Office has announced plans for four missions in 2026, including the Tianzhou-10 and Shenzhou-23 and 24 missions, with the Mengzhou-1 mission set to use the Long March 10A reusable rocket for the first time [5]. - The Long March 10B reusable rocket is expected to achieve its first flight conditions by April 2026 [5]. - The recent launch of the Long March 12A rocket provided key engineering data for future recovery of rocket stages, despite not achieving the recovery goal in this mission [5]. Group 4: Low Earth Orbit Satellite Internet Development - China’s low Earth orbit satellite internet construction is entering a new phase of intensive deployment, with major companies like Xingwang Group and Yuanxin Satellite planning large-scale satellite tenders in 2026 [6]. - This round of tenders is expected to significantly increase satellite demand and drive collaborative development across the entire industry chain, from rocket to satellite manufacturing and payload support [6]. - East Wu Securities predicts that commercial rockets will transition from a phase of quantity to quality by 2026, marking the beginning of a new era of rocket recovery in China, with a "supply-demand resonance" expected to drive rapid expansion in the aerospace industry [6].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025年12月23日上午，长征十二号甲运载火箭顺利完成首飞任务，成功实现二级入轨目标，不过其一级 火箭回收验证未取得预期成效。 值得注意的是，长征十二号甲是我国第二款首飞即尝试回收的液氧甲烷运载火箭，而早在12月3日，蓝 箭航天朱雀三号遥一运载火箭就已尝试一级垂直回收技术验证，是国内首个挑战该技术的民营火箭。 据中国证券监督管理委员会网上办事服务平台披露，近日，蓝箭航天空间科技股份有限公司（下称蓝箭 航天）IPO辅导工作正式完成，辅导机构为中国国际金融股份有限公司，择日将正式递交招股书，将有 望成为科创板"商业航天第一股"。 在政策助力下，一级市场退出通道被打通，资本的投资热情快速被点燃。根据IT桔子数据，截至11月30 日，年内我国商业航天领域共发生投融资事件60起，金额合计超过95亿元。 其中，地方国资正在加速进场。今年以来，四川、河南、山东、北京等地先后设立商业航天产业基金， 通过"资金+政策"双轮驱动产业发展。以北京为例，近日宣布设立总规模为100亿元的产业投资基金，并 对成功入轨的商业发射给予单发最高500万元奖励。 "中国 ...

Market Overview - A-shares experienced a strong rally on the afternoon of the 5th, with the Shanghai Composite Index surpassing 3900 points, and the ChiNext Index rising over 1% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.739 trillion yuan, an increase of 177.3 billion yuan compared to the previous day [1] Financial Sector Performance - The financial sector, particularly insurance and brokerage stocks, saw significant gains, with China Ping An rising nearly 6% and China Life increasing by nearly 5% [2][5] - Brokerage stocks also performed well, with Zhongyin Securities and Ruida Futures hitting the daily limit, and other firms like Industrial Securities and Dongfang Wealth rising over 4% [2][3] Insurance Sector Insights - The National Financial Regulatory Administration announced adjustments to risk factors for insurance companies, reducing the risk factor for certain long-term holdings in the CSI 300 Index from 0.3 to 0.27 [5][6] - This regulatory change is expected to encourage insurance companies to increase their equity investments, potentially bringing in over 1.2 trillion yuan in equity investment funds [6] Aerospace and Defense Sector - The aerospace and defense sector saw strong performance, with stocks like Aerospace Power and Aerospace Technology hitting the daily limit [7] - The successful launch of the Zhuque-3 rocket and the establishment of a dedicated regulatory body for commercial aerospace are expected to drive growth in this sector [9] Rare Earth Sector Activity - The rare earth sector experienced a notable surge, with stocks like Ningbo Yunsheng and Jinli Permanent Magnet hitting the daily limit [10] - The issuance of general export licenses for certain rare earth companies is anticipated to streamline export processes and boost demand in the industry [11][12]

5日，A股午后强势拉升，沪指重返3900点上方，创业板指等涨超1%；港股亦走强，恒生科技指数一度 超1%。 具体来看，两市股指早盘震荡上扬，午后在保险、券商等板块的带动下强势上攻。截至收盘，沪指涨 0.7%报 3902.81点，深证成指涨1.08%，创业板指涨1.36%，沪深北三市合计成交17390亿元，较此前一日增加1773亿 元。 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | | 中国太平 | 18.710 c | 1.240 | 7.10% | 2.15亿 | | 中国平安 | 60.450 c | 3.800 | 6.71% | 2688.85 | | 中国人寿 | 28.220 c | 1.460 | 5.46% | 26.16亿 | | 中国太保 | 33.420 c | 1.700 | 5.36% | 12.87亿 | | 新华保险 | 49.200 c | 2.320 | 4.95% | 7.50亿 | | 中国人民保险集团 | 7.010 c | 0.230 | 3.39% | 2.87 亿 | | 阳光保险 | 3 ...

12月5日，国防军工继续活跃，商业航天方向领涨，航天科技涨停，铂力特涨超9%。场内热门国防军工 ETF（512810）场内价格现涨1.33%，站上半年线，实时成交额超8000万元，已远超前一日全天成交 额，显示板块情绪显著升温。 消息面上，12月3日，朱雀三号遥一运载火箭在东风商业航天创新试验区发射升空，按程序完成了飞行 任务，火箭二级进入预定轨道。 中信建投证券指出，这是我国首个可重复使用运载火箭的入轨发射，也是全球第三型重复使用运载火箭 （此前为猎鹰系列、新格伦）。运载火箭是目前我国商业航天产业的核心瓶颈，朱雀三号实现成功入 轨，标志着我国两大星座组网新增一个较低成本的选择，产业迎来重大拐点。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨赐 12月5日，国防军工继续活跃，商业航天方向领涨，航天科技涨停，铂力特涨超9%。场内热门国防军工 ETF（512810）场内价格现涨1.33%，站上半年线，实时成交额超8000万元，已远超前一日全天成交 额，显示板块情绪显著升温。 | 分时 多日 1分 · 综合解 F9 前复权 超级叠加 画线 工具 @ 2 > | 0 688 40.009 +1.33% | | ...

商业航天概念5日盘中再度活跃，截至发稿，超捷股份20%涨停，长光华芯涨超18%创历史新高，广联 航空、斯瑞新材、铂力特等涨超10%，天箭科技、航天科技等亦涨停。 消息面上，12月3日，朱雀三号遥一运载火箭在东风商业航天创新试验区发射升空，按程序完成了飞行 任务，火箭二级进入预定轨道。 中信建投证券指出，这是我国首个可重复使用运载火箭的入轨发射，也是全球第三型重复使用运载火箭 （此前为猎鹰系列、新格伦）。运载火箭是目前我国商业航天产业的核心瓶颈，朱雀三号实现成功入 轨，标志着我国两大星座组网新增一个较低成本的选择，产业迎来重大拐点。后续天龙三号、力箭二 号、长十二系列、智神星一号等火箭还将陆续首飞，并开展回收试验，有望进一步打通产业瓶颈环节， 带动卫星星座建设加速，进而带来应用端的爆发，全产业链逻辑都将理顺。 该机构表示，回顾2025年，我国商业航天进入规模化部署阶段。GW星座和千帆星座在轨卫星均超百 颗，低轨卫星互联网进入密集组网期；民营火箭企业计划完成各型火箭首飞，切入国家级星座发射市 场，提供低成本运力；工信部向三大运营商发放卫星通信业务许可，推动终端直连卫星技术向消费级市 场渗透。随着我国首个商业可复用 ...

Group 1 - Arrow Yuan Technology has established a liquid rocket recovery and reuse base in Qiantang District, marking a significant step in its national layout strategy [2] - The company, founded in July 2023, has a registered capital of 100 million yuan and focuses on spacecraft manufacturing and rocket engine research [2][3] - The "Yuan Traveler No. 1" rocket is designed for 20 reuses and has successfully completed its first sea recovery test in May 2023 [3] Group 2 - The total investment for the new production and testing base is 5.2 billion yuan, with an initial land area of 108 acres, aiming for an annual production capacity of 25 rockets [3] - Qiantang District is positioning itself as a key player in the aerospace industry, with a provincial platform aiming for a 1 trillion yuan industry scale [4] - The aerospace sector in Qiantang has attracted 38 upstream and downstream companies, with a projected industry output value of 712 million yuan in 2024, reflecting a 14.8% year-on-year growth [4]